Infrastructure private credit and bespoke intermediate capital fund research profile
Keppel Private Credit Fund III is a 2024-vintage Asia-Pacific private-credit vehicle managed by Keppel Credit Fund Management. It provides bespoke financing to defensive infrastructure-like businesses and publishes a Fund III asset schedule covering renewables, digital infrastructure and social infrastructure.
At a glance
Research profile
Open a section to inspect the evidence. The first view starts with the investment point of view; the rest stays quiet until you need it.
Investment lens
Keppel Private Credit Fund III uses a infrastructure private credit and bespoke intermediate capital approach across Renewables, digital infrastructure, transport, social infrastructure.
Current evidence
Keppel’s 2025 annual report reported that AIIB’s February 2026 commitment of US$75 million plus a US$50 million co-investment sleeve brought Fund III FUM to approximately US$725 million; Keppel’s investment page lists Fund III investments through March 2026.
Strategy
Infrastructure private credit and bespoke intermediate capital
Sector focus
Renewables, digital infrastructure, transport, social infrastructure
AIF structure context
Indian private credit, venture-debt and special-situations funds are commonly structured as Category II AIFs. Verify the specific vehicle and registration before investing.
Current signal
Keppel’s 2025 annual report reported that AIIB’s February 2026 commitment of US$75 million plus a US$50 million co-investment sleeve brought Fund III FUM to approximately US$725 million; Keppel’s investment page lists Fund III investments through March 2026.
Investor questions
Keppel Private Credit Fund III is covered in Rupeia's private credit research universe. The current public record describes the strategy as Infrastructure private credit and bespoke intermediate capital, with a sector focus of Renewables, digital infrastructure, transport, social infrastructure. The profile should be read with the linked source trail and Typical route: Category II AIF context.
The profile displays only company or asset names attributable to Keppel Private Credit Fund III in the reviewed public sources: Firebird, Gravity 4, Newton, Project Auckland, Rambo, Project Bangkok. It does not represent a complete current portfolio unless the manager has published one.
Keppel announced a US$300 million first close in 2024 and its 2025 annual report reported approximately US$725 million of Fund III FUM after AIIB’s 2026 commitment. Fund III realised returns and loss data are not publicly disclosed. These signals are not a substitute for fund- and vintage-specific net performance, realised distributions and audited or administrator-supported reporting.
Public fund size: US$300 million first close; US$1 billion target; approximately US$725 million FUM reported after AIIB’s 2026 commitment.. Public terms or access information: Loans and bespoke intermediate capital for defensive infrastructure-like businesses across Asia-Pacific real-asset sectors; fees, carry, tenor and target returns are not publicly disclosed.. Current fees, minimum commitment and availability must be confirmed for the exact named vehicle in its fund documents.
The current source record names Stéphane Delatte (CEO & CIO, Keppel Credit); Wei Teck Chua (Managing Director); Claire Lee (Director); Samuel Seow (VP, Portfolio Management). Verify current roles, departures, attribution and key-person provisions before relying on the team history for a new commitment.
Review borrower concentration, security and seniority, cash versus accrued income, defaults, recoveries, fund leverage and liquidity. The current open diligence point is: Vehicle-level fees, carry, tenor and net returns are not publicly disclosed; some portfolio names are project codenames, but all six are listed by Keppel under Fund III with investment dates and sectors..
2026-03-31: Keppel’s 2025 annual report reported that AIIB’s February 2026 commitment of US$75 million plus a US$50 million co-investment sleeve brought Fund III FUM to approximately US$725 million; Keppel’s investment page lists Fund III investments through March 2026.
Next step
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